Republic of Korea Pledges $355 Million to Support ASEAN Green Infrastructure and Ocean Health
NADI, FIJI: Asian Development Bank (ADB) President Mr. Takehiko Nakao and the Republic of Korea Deputy Prime Minister Mr. Nam-ki Hong today signed a Declaration of Intent to support green infrastructure in Southeast Asia.
The Republic of Korea pledged $350 million for cofinancing and $5 million grant for technical assistance towards the Association of Southeast Asian Nations (ASEAN) Catalytic Green Finance Facility, with a focus on projects to boost ocean health. The signing was held at the 52nd Annual Meeting of ADB’s Board of Governors in Nadi, Fiji.
Through the facility, the financing from the Republic of Korea will support the implementation of ADB’s new Action Plan for Healthy Oceans and Sustainable Blue Economies, which was announced at the Annual Meeting on 2 May. The Action Plan will expand financing and technical assistance for ocean health and marine economy projects to $5 billion from ADB and cofinancing partners from 2019 to 2024.
The ASEAN Catalytic Green Finance Facility was launched on 4 April 2019 in Chiang Rai, Thailand and is part of the ASEAN Infrastructure Fund, a regional financing initiative established by ASEAN governments and ADB in 2011 and administered by ADB.
Mr. Nakao and Mr. Hong also signed a joint Declaration of Intent to collaborate for the preparation of the 53rd Annual Meeting of the ADB Board of Governors in Incheon Metropolitan City, Republic of Korea, from 2 to 5 May 2020. This will be the third time the Republic of Korea will host the meeting. It hosted ADB’s 37th Annual Meeting in Jeju Island in 2004 and ADB’s 3rd Annual Meeting in Seoul in 1970.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.